Circuithub Limited

CIRCUITHUB LIMITED - Company Information

2020-01-012020-12-312020-12-31false10839674Circuithub Limited2021-12-31iso4217:GBPxbrli:pure108396742020-01-01108396742020-12-31108396742020-01-012020-12-31108396742019-01-01108396742019-12-31108396742019-01-012019-12-3110839674bus:SmallEntities2020-01-012020-12-3110839674bus:AuditExempt-NoAccountantsReport2020-01-012020-12-3110839674bus:AbridgedAccounts2020-01-012020-12-3110839674bus:PrivateLimitedCompanyLtd2020-01-012020-12-3110839674core:WithinOneYear2020-12-3110839674core:AfterOneYear2020-12-3110839674core:WithinOneYear2019-12-3110839674core:AfterOneYear2019-12-3110839674core:ShareCapital2020-12-3110839674core:SharePremium2020-12-3110839674core:RevaluationReserve2020-12-3110839674core:OtherReservesSubtotal2020-12-3110839674core:RetainedEarningsAccumulatedLosses2020-12-3110839674core:ShareCapital2019-12-3110839674core:SharePremium2019-12-3110839674core:RevaluationReserve2019-12-3110839674core:OtherReservesSubtotal2019-12-3110839674core:RetainedEarningsAccumulatedLosses2019-12-3110839674core:LandBuildings2020-12-3110839674core:PlantMachinery2020-12-3110839674core:Vehicles2020-12-3110839674core:FurnitureFittings2020-12-3110839674core:OfficeEquipment2020-12-3110839674core:NetGoodwill2020-12-3110839674core:IntangibleAssetsOtherThanGoodwill2020-12-3110839674core:ListedExchangeTraded2020-12-3110839674core:UnlistedNon-exchangeTraded2020-12-3110839674core:LandBuildings2019-12-3110839674core:PlantMachinery2019-12-3110839674core:Vehicles2019-12-3110839674core:FurnitureFittings2019-12-3110839674core:OfficeEquipment2019-12-3110839674core:NetGoodwill2019-12-3110839674core:IntangibleAssetsOtherThanGoodwill2019-12-3110839674core:ListedExchangeTraded2019-12-3110839674core:UnlistedNon-exchangeTraded2019-12-3110839674core:LandBuildings2020-01-012020-12-3110839674core:PlantMachinery2020-01-012020-12-3110839674core:Vehicles2020-01-012020-12-3110839674core:FurnitureFittings2020-01-012020-12-3110839674core:OfficeEquipment2020-01-012020-12-3110839674core:NetGoodwill2020-01-012020-12-3110839674core:IntangibleAssetsOtherThanGoodwill2020-01-012020-12-3110839674core:ListedExchangeTraded2020-01-012020-12-3110839674core:UnlistedNon-exchangeTraded2020-01-012020-12-3110839674core:MoreThanFiveYears2020-01-012020-12-3110839674core:Non-currentFinancialInstruments2020-12-3110839674core:Non-currentFinancialInstruments2019-12-3110839674dpl:CostSales2020-01-012020-12-3110839674dpl:DistributionCosts2020-01-012020-12-3110839674dpl:AdministrativeExpenses2020-01-012020-12-3110839674core:LandBuildings2020-01-012020-12-3110839674core:PlantMachinery2020-01-012020-12-3110839674core:Vehicles2020-01-012020-12-3110839674core:FurnitureFittings2020-01-012020-12-3110839674core:OfficeEquipment2020-01-012020-12-3110839674core:NetGoodwill2020-01-012020-12-3110839674core:IntangibleAssetsOtherThanGoodwill2020-01-012020-12-3110839674dpl:GroupUndertakings2020-01-012020-12-3110839674dpl:ParticipatingInterests2020-01-012020-12-3110839674dpl:GroupUndertakingscore:ListedExchangeTraded2020-01-012020-12-3110839674core:ListedExchangeTraded2020-01-012020-12-3110839674dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-01-012020-12-3110839674core:UnlistedNon-exchangeTraded2020-01-012020-12-3110839674dpl:CostSales2019-01-012019-12-3110839674dpl:DistributionCosts2019-01-012019-12-3110839674dpl:AdministrativeExpenses2019-01-012019-12-3110839674core:LandBuildings2019-01-012019-12-3110839674core:PlantMachinery2019-01-012019-12-3110839674core:Vehicles2019-01-012019-12-3110839674core:FurnitureFittings2019-01-012019-12-3110839674core:OfficeEquipment2019-01-012019-12-3110839674core:NetGoodwill2019-01-012019-12-3110839674core:IntangibleAssetsOtherThanGoodwill2019-01-012019-12-3110839674dpl:GroupUndertakings2019-01-012019-12-3110839674dpl:ParticipatingInterests2019-01-012019-12-3110839674dpl:GroupUndertakingscore:ListedExchangeTraded2019-01-012019-12-3110839674core:ListedExchangeTraded2019-01-012019-12-3110839674dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2019-01-012019-12-3110839674core:UnlistedNon-exchangeTraded2019-01-012019-12-3110839674core:NetGoodwill2020-12-3110839674core:IntangibleAssetsOtherThanGoodwill2020-12-3110839674core:LandBuildings2020-12-3110839674core:PlantMachinery2020-12-3110839674core:Vehicles2020-12-3110839674core:FurnitureFittings2020-12-3110839674core:OfficeEquipment2020-12-3110839674core:AfterOneYear2020-12-3110839674core:WithinOneYear2020-12-3110839674core:ListedExchangeTraded2020-12-3110839674core:UnlistedNon-exchangeTraded2020-12-3110839674core:ShareCapital2020-12-3110839674core:SharePremium2020-12-3110839674core:RevaluationReserve2020-12-3110839674core:OtherReservesSubtotal2020-12-3110839674core:RetainedEarningsAccumulatedLosses2020-12-3110839674core:NetGoodwill2019-12-3110839674core:IntangibleAssetsOtherThanGoodwill2019-12-3110839674core:LandBuildings2019-12-3110839674core:PlantMachinery2019-12-3110839674core:Vehicles2019-12-3110839674core:FurnitureFittings2019-12-3110839674core:OfficeEquipment2019-12-3110839674core:AfterOneYear2019-12-3110839674core:WithinOneYear2019-12-3110839674core:Listed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Circuithub Limited

Registered Number
10839674
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 December 2020

Circuithub Limited

Company Information
for the year from 1 January 2020 to 31 December 2020


Directors	A Seddon


Registered Address	9th Floor 107 Cheapside
	London
	EC2V 6DN


Registered Number	10839674 (England and Wales)

Circuithub Limited

Statement of Financial Position
31 December 2020

	Notes	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	9		3,903		5,435
			3,903		5,435
Current assets
Debtors	11	76,294		79,727
Cash at bank and on hand		22,007		16,889
		98,301		96,616
Creditors amounts falling due within one year	12	(2,454,806)		(1,244,989)
Net current assets (liabilities)			(2,356,505)		(1,148,373)
Total assets less current liabilities			(2,352,602)		(1,142,938)
Provisions for liabilities			(742)		-
Net assets			(2,353,344)		(1,142,938)
Capital and reserves
Called up share capital			1		1
Other reserves			131,422		-
Profit and loss account			(2,484,767)		(1,142,939)
Shareholders' funds			(2,353,344)		(1,142,938)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 31 December 2021, and are signed on its behalf by:

A Seddon
Director
Registered Company No. 10839674

Circuithub Limited

Notes to the Financial Statements
for the year ended 31 December 2020

1.	STATUTORY INFORMATION
	Circuithub Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	PRINCIPAL ACTIVITIES
	The principal activity of the company in the year under review was that of a platform for engineers to quote for manufacturing electronics to the customer.

4.	SMALLEST GROUP IN WHICH RESULTS ARE CONSOLIDATED
	The ultimate parent company is Circuithub Inc, a company incorporated in the US with its registered offices situated at Vcorp Services LLC 1013, Centre Road, Suite 403-B, Wilmington, New Castle, Delaware, USA, 19805

5.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The financial statements have been prepared under the historical cost convention.

	Functional and presentation currency policy
	The presentation currency of the financial statements is the Pound Sterling (£).

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

	Property, plant and equipment policy
	Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Office Equipment - 3 and 5 years

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Foreign currency translation and operations policy

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

	Leases policy
	Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate. Share Based Payments The parent company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

Employee benefits policy

Contributions to defined contribution plans are expensed in the period to which they relate.

Share Based Payments

The parent company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

	Valuation of financial instruments policy
	The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

Valuation of financial instruments policy

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

	Going concern
	The financial statements have been prepared on the going concern basis. The company has incurred losses during the year. The holding company has agreed to support the company with funding as and when required. On this basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements. The directors have considered the impact of the COVID 19 pandemic on the activities of the business and do not consider that this will materially impact the ability of the company to trade in future.

Going concern

The financial statements have been prepared on the going concern basis. The company has incurred losses during the year. The holding company has agreed to support the company with funding as and when required. On this basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

The directors have considered the impact of the COVID 19 pandemic on the activities of the business and do not consider that this will materially impact the ability of the company to trade in future.

6.	EXCEPTIONAL ITEMS
	Exceptional items - £NIL (2019 - £451,018)

7.	CRITICAL ESTIMATES AND JUDGEMENTS
	Share based payments as set out in the notes to the accounts have been made to employees of the company. As disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options is recognised in the income statement and for the accounting period ending 31 December 2020, the fair value has been estimated as £0.624 per share. This is based on the value of shares issued. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.

CRITICAL ESTIMATES AND JUDGEMENTS

Share based payments as set out in the notes to the accounts have been made to employees of the company. As disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options is recognised in the income statement and for the accounting period ending 31 December 2020, the fair value has been estimated as £0.624 per share. This is based on the value of shares issued.

There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.

8.	EMPLOYEE INFORMATION
	The parent company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial Position; - EMI qualifying share options over 250,000 shares had been granted to four employees. - 210,612 had vested, none had lapsed or been exercised. Share options vest monthly over four years from the date of grant, with a one year cliff.

		2020		2019
	Average number of employees during the year	14		10

9.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 January 20	6,494
	At 31 December 20	6,494
	Depreciation and impairment
	At 01 January 20	1,059
	Charge for year	1,532
	At 31 December 20	2,591
	Net book value
	At 31 December 20	3,903
	At 31 December 19	5,435

10.	DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES
	The company has taken advantage of the exemption available under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other companies within the group.

11.	DEBTORS

	2020 £	2019 £
Other debtors	73,520	79,727
Prepayments and accrued income	2,774	-
Total	76,294	79,727

12.	CREDITORS WITHIN ONE YEAR

	2020 £	2019 £
Trade creditors / trade payables	12,246	3,869
Amounts owed to related parties	2,413,543	1,211,730
Taxation and social security	27,791	23,565
Other creditors	1,226	5,825
Total	2,454,806	1,244,989